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10/10/2026

NY Attorney General Secures Up to $35M and Lifetime Ban for Former Celsius CEO

What happened: New York Attorney General Letitia James announced a settlement with former Celsius CEO Alex Mashinsky, requiring him to forfeit up to $35 million and accept a permanent ban from the sec

NY Attorney General Secures Up to $35M and Lifetime Ban for Former Celsius CEO

What happened: New York Attorney General Letitia James announced a settlement with former Celsius CEO Alex Mashinsky, requiring him to forfeit up to $35 million and accept a permanent ban from the securities, commodities, and crypto industries in New York. The deal resolves a 2023 lawsuit alleging Mashinsky misled hundreds of thousands of investors. The $35 million figure is conditional: Mashinsky must forfeit $10 million in ill-gotten gains or pay $25 million to the state, with an additional $10 million penalty if released from prison early. Mashinsky is currently serving a 12-year federal sentence for commodities fraud.

Why it matters: This settlement adds to a series of regulatory actions against Mashinsky, who also faces lifetime bans from the FTC and CFTC. While headlines tout a $35 million penalty, the actual payout depends on several conditions, and much of Celsius creditors' $3.4 billion recovery has come through bankruptcy proceedings. The case underscores ongoing regulatory scrutiny and the incremental nature of enforcement actions against high-profile crypto executives.

Source: The Block